MAPLE GROVE, Minn., Oct. 02, 2024 (GLOBE NEWSWIRE) -- TopLine Financial Credit Union, a Twin Cities-based member-owned financial services cooperative, partnered with Federal Home Loan Bank of Des Moines, a member-owned cooperative that provides funding solutions, to help make homebuying and refinancing more affordable for members by offering a new Mortgage Rate Relief Program.
The new Mortgage Rate Relief Program offered qualified applicants an approximate 2% interest rate reduction off the current market rate and was available to homebuyers or existing homeowners earning up to 80% of area median income (AMI), based on the Federal Housing Finance Agency’s Underserved Areas Data. There were 17 TopLine members who took advantage of the mortgage program for $3,830,437. The program officially exhausted the funds available in July 2024.
“This is my first home purchase and from day one to closing, TopLine’s Mortgage team made the process extremely understandable and easy,” said a TopLine member and program participant. “They answered every question I had and checked in periodically to reassure that I was feeling good about the process. I would recommend TopLine’s Mortgage team to all of my close friends and family.”
“We believe that homeownership should be within reach for everyone,” says Mick Olson, President and CEO of TopLine Financial Credit Union. “We were excited to partner with the Federal Home Loan Bank of Des Moines to offer the Mortgage Rate Relief Program to make home buying more affordable, and help our members achieve their goals of homeownership.”
Federal Home Loan Bank of Des Moines is one of 11 regional banks that make up the Federal Home Loan Bank (FHLBank) System. Established by Congress in 1932 to support mortgage lending, the FHLBanks are a stable source of funding for more than 6,600 federally insured depository institutions of all sizes and types. Including Banks, Credit Unions, Insurance Companies, Thrifts and Community Development Financial Institutions.
TopLine Financial Credit Union, a Twin Cities-based credit union, is Minnesota’s 9th largest credit union, with assets of over $1.1 billion and serves over 70,000 members. Established in 1935, the not-for-profit financial cooperative offers a complete line of financial services from its ten branch locations — in Bloomington, Brooklyn Park, Champlin, Circle Pines, Coon Rapids, Forest Lake, Maple Grove, Plymouth, St. Francis and in St. Paul’s Como Park — as well as by phone and online at www.TopLinecu.com or www.ahcu.coop. Membership is available to anyone who lives, works, worships, attends school or volunteers in Anoka, Benton, Carver, Chisago, Dakota, Hennepin, Isanti, Kanabec, Mille Lacs, Pine, Ramsey, Scott, Sherburne, Washington and Wright counties in Minnesota and their immediate family members, as well as employees and retirees of Anoka Hennepin School District #11, Anoka Technical College, Federal Premium Ammunition, Hoffman Enclosures, Inc., GRACO, Inc., and their subsidiaries. Visit us on our Facebook or Instagram. To learn more about the credit union’s foundation, visit www.TopLinecu.com/Foundation.
CONTACT:
Vicki Roscoe Erickson
Senior Vice President and Chief Marketing Officer
TopLine Financial Credit Union
verickson@toplinecu.com | 763.391.0872
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0b18c0d4-53a7-41ef-931d-04c2d8bd992c
